Bitcoin Forum
April 17, 2014, 09:24:38 PM *
News: Due to the OpenSSL heartbleed bug, changing your forum password is recommended.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Anonymous Prepaid Visa/Mastercard  (Read 3656 times)
nauru
Newbie
*
Offline Offline

Activity: 7


View Profile

Ignore
July 22, 2010, 04:26:41 AM
 #1

Hi

I'm new to this forum and I have an idea that I'd like to see if anyone is interested in.

I'm from the Republic of Nauru and we use the Australian Dollar as our currency. I have installed Bitcoin and find it very useful for privacy purposes. Nauru is famous for privacy afforded to it's citizens and as an offshore banking centre/tax haven. You can read more about Nauru at Wikipedia http://en.wikipedia.org/wiki/Nauru.

A local bank (which also happens to be a top 5 bank in Australia) offers prepaid, anonymous Visa and MasterCard for use on the islands and over the Internet. While I'm not really able to post the cards outside Nauru/Tuvalu/Kiribati, people who bought them on the islands are able to take them overseas and use them anywhere Visa/Mastercard is accepted or over the Internet. So I don't imagine there would be any problems selling them for Bitcoins.

I would like to offer the cards in denominations of AUD$50 for Visa or AUD$25 or AUD$50 for MasterCard. You wont physically receive the card, you would just receive the number, expiry date and CVV2. There is no name printed on the cards. There is also a AUD$5.95 issuance fee and the cards can't be re-loaded. So for AUD$55.95 in Bitcoins, you would receive AUD$50 in credit.

The problems I see so far are:

  • Trust - how do I verify that I am able to offer this service legitimately? I don't see why the bank would complain, but I'd rather not name them. They get their issuance fee in any case.
  • Cards - People might prefer a physical card. I may be able to post the cards, but it would take a long time to reach the US/EU from the middle of the Pacific Ocean!
  • Price - Bitcoin exchangers seem to only be in USD or Euro and not AUD. How do I determine a fair market value in Bitcoin?
  • Fees - if you use the cards for purchases in any currency other than AUD, you will be charged a 2.5% currency conversion fee
  • Anonymity - how should people contact me so I can give them a Bitcoin address to pay to, without revealing their identity?
  • Legitimacy - I'm not a registered business nor do I have a bank licence, I'm just someone who buys cards at the bank. To become a registered offshore bank in Nauru costs $25,000 and is out of my price range.
  • Automation - at the moment you would have to pay to a Bitcoin address, I'd go to the bank, buy the card, and then send the numbers. It would be better if I could buy a whole bunch of cards and load the numbers into a database, to automatically issue them when paid.
  • Website - can anyone proxy purchase a .com.nr domain name for me and anonymize the whois? Does anyone other than vekja.net offer hosting paid in Bitcoins?

Thanks!
1397769878
Hero Member
*
Offline Offline

Posts: 1397769878

View Profile Personal Message (Offline)

Ignore
1397769878
Reply with quote  #2

1397769878
Report to moderator
1397769878
Hero Member
*
Offline Offline

Posts: 1397769878

View Profile Personal Message (Offline)

Ignore
1397769878
Reply with quote  #2

1397769878
Report to moderator
1397769878
Hero Member
*
Offline Offline

Posts: 1397769878

View Profile Personal Message (Offline)

Ignore
1397769878
Reply with quote  #2

1397769878
Report to moderator
    mBitCASINOWIN BITCOINS IN OUR
24/7 LIVE DEALER CASINO

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1397769878
Hero Member
*
Offline Offline

Posts: 1397769878

View Profile Personal Message (Offline)

Ignore
1397769878
Reply with quote  #2

1397769878
Report to moderator
Babylon
Sr. Member
****
Offline Offline

Activity: 294


View Profile

Ignore
July 22, 2010, 06:15:29 AM
 #2

Hi

I'm new to this forum and I have an idea that I'd like to see if anyone is interested in.

I'm from the Republic of Nauru and we use the Australian Dollar as our currency. I have installed Bitcoin and find it very useful for privacy purposes. Nauru is famous for privacy afforded to it's citizens and as an offshore banking centre/tax haven. You can read more about Nauru at Wikipedia http://en.wikipedia.org/wiki/Nauru.

A local bank (which also happens to be a top 5 bank in Australia) offers prepaid, anonymous Visa and MasterCard for use on the islands and over the Internet. While I'm not really able to post the cards outside Nauru/Tuvalu/Kiribati, people who bought them on the islands are able to take them overseas and use them anywhere Visa/Mastercard is accepted or over the Internet. So I don't imagine there would be any problems selling them for Bitcoins.

I would like to offer the cards in denominations of AUD$50 for Visa or AUD$25 or AUD$50 for MasterCard. You wont physically receive the card, you would just receive the number, expiry date and CVV2. There is no name printed on the cards. There is also a AUD$5.95 issuance fee and the cards can't be re-loaded. So for AUD$55.95 in Bitcoins, you would receive AUD$50 in credit.

The problems I see so far are:

  • Trust - how do I verify that I am able to offer this service legitimately? I don't see why the bank would complain, but I'd rather not name them. They get their issuance fee in any case.
  • Cards - People might prefer a physical card. I may be able to post the cards, but it would take a long time to reach the US/EU from the middle of the Pacific Ocean!
  • Price - Bitcoin exchangers seem to only be in USD or Euro and not AUD. How do I determine a fair market value in Bitcoin?
  • Fees - if you use the cards for purchases in any currency other than AUD, you will be charged a 2.5% currency conversion fee
  • Anonymity - how should people contact me so I can give them a Bitcoin address to pay to, without revealing their identity?
  • Legitimacy - I'm not a registered business nor do I have a bank licence, I'm just someone who buys cards at the bank. To become a registered offshore bank in Nauru costs $25,000 and is out of my price range.
  • Automation - at the moment you would have to pay to a Bitcoin address, I'd go to the bank, buy the card, and then send the numbers. It would be better if I could buy a whole bunch of cards and load the numbers into a database, to automatically issue them when paid.
  • Website - can anyone proxy purchase a .com.nr domain name for me and anonymize the whois? Does anyone other than vekja.net offer hosting paid in Bitcoins?

Thanks!

One suggestion would be to suggest to one of the bitcoin markets that they trade in Australian dollars. I am not sure how popular bitcoins are in AUS$ using countries.

Tarot Card Readings for Bitcoins, available via e-mail, phone, skype or IM of your choice.  Inquire for price, quite reasonable.
Anonymous
Guest

July 22, 2010, 07:13:21 AM
 #3

Hi

I'm new to this forum and I have an idea that I'd like to see if anyone is interested in.

I'm from the Republic of Nauru and we use the Australian Dollar as our currency. I have installed Bitcoin and find it very useful for privacy purposes. Nauru is famous for privacy afforded to it's citizens and as an offshore banking centre/tax haven. You can read more about Nauru at Wikipedia http://en.wikipedia.org/wiki/Nauru.

A local bank (which also happens to be a top 5 bank in Australia) offers prepaid, anonymous Visa and MasterCard for use on the islands and over the Internet. While I'm not really able to post the cards outside Nauru/Tuvalu/Kiribati, people who bought them on the islands are able to take them overseas and use them anywhere Visa/Mastercard is accepted or over the Internet. So I don't imagine there would be any problems selling them for Bitcoins.

I would like to offer the cards in denominations of AUD$50 for Visa or AUD$25 or AUD$50 for MasterCard. You wont physically receive the card, you would just receive the number, expiry date and CVV2. There is no name printed on the cards. There is also a AUD$5.95 issuance fee and the cards can't be re-loaded. So for AUD$55.95 in Bitcoins, you would receive AUD$50 in credit.

The problems I see so far are:

  • Trust - how do I verify that I am able to offer this service legitimately? I don't see why the bank would complain, but I'd rather not name them. They get their issuance fee in any case.
  • Cards - People might prefer a physical card. I may be able to post the cards, but it would take a long time to reach the US/EU from the middle of the Pacific Ocean!
  • Price - Bitcoin exchangers seem to only be in USD or Euro and not AUD. How do I determine a fair market value in Bitcoin?
  • Fees - if you use the cards for purchases in any currency other than AUD, you will be charged a 2.5% currency conversion fee
  • Anonymity - how should people contact me so I can give them a Bitcoin address to pay to, without revealing their identity?
  • Legitimacy - I'm not a registered business nor do I have a bank licence, I'm just someone who buys cards at the bank. To become a registered offshore bank in Nauru costs $25,000 and is out of my price range.
  • Automation - at the moment you would have to pay to a Bitcoin address, I'd go to the bank, buy the card, and then send the numbers. It would be better if I could buy a whole bunch of cards and load the numbers into a database, to automatically issue them when paid.
  • Website - can anyone proxy purchase a .com.nr domain name for me and anonymize the whois? Does anyone other than vekja.net offer hosting paid in Bitcoins?

Thanks!

One suggestion would be to suggest to one of the bitcoin markets that they trade in Australian dollars. I am not sure how popular bitcoins are in AUS$ using countries.

They are popular with me,and Im in Aus lol

D҉ataWraith
Member
**
Offline Offline

Activity: 60



View Profile

Ignore
July 22, 2010, 07:34:56 AM
 #4

One suggestion would be to suggest to one of the bitcoin markets that they trade in Australian dollars. I am not sure how popular bitcoins are in AUS$ using countries.

Alternatively, Google has a feature that calculates currency exchange rates. You could use that to convert AUD to USD, and then calculate the Bitcoin value from that: http://www.google.de/q=55.95+AUD+in+USD

1NvcPV6xi6yqo5yg8aWSkNdasPSAsGtt1m
nauru
Newbie
*
Offline Offline

Activity: 7


View Profile

Ignore
July 23, 2010, 03:05:13 AM
 #5

Alternatively, Google has a feature that calculates currency exchange rates. You could use that to convert AUD to USD, and then calculate the Bitcoin value from that: http://www.google.de/q=55.95+AUD+in+USD

I was trying to avoid doing double conversion, as it quickly gets confusing, and I'd have to update prices each time USD/AUD changes, as well as each time USD/BTC changes. Either that or I'd have to build in a buffer amount, which I'm trying to avoid.

Maybe I'll just have to start an AUD exchange!
The Madhatter
Hero Member
*****
Offline Offline

Activity: 490


My avatar pic says it all


View Profile

Ignore
July 23, 2010, 10:02:37 AM
 #6

Even easier: I have the AUD (as well as Euros and CAD) rates in Bitcoins on the front page of my site (see sig).

The rates are updated every 15 minutes.

Alternatively, Google has a feature that calculates currency exchange rates. You could use that to convert AUD to USD, and then calculate the Bitcoin value from that: http://www.google.de/q=55.95+AUD+in+USD
nauru
Newbie
*
Offline Offline

Activity: 7


View Profile

Ignore
July 25, 2010, 07:55:16 AM
 #7

Even easier: I have the AUD (as well as Euros and CAD) rates in Bitcoins on the front page of my site (see sig).

The rates are updated every 15 minutes.

Do you have some sort of machine interface for that, like XML or an automatically updating CSV? Or would my site have to manually screen-scrape every 15 mins?
RHorning
Full Member
***
Offline Offline

Activity: 210


View Profile

Ignore
July 25, 2010, 04:23:45 PM
 #8

I was trying to avoid doing double conversion, as it quickly gets confusing, and I'd have to update prices each time USD/AUD changes, as well as each time USD/BTC changes. Either that or I'd have to build in a buffer amount, which I'm trying to avoid.

Maybe I'll just have to start an AUD exchange!

Keep it simple for now.  Stick to your guns here with Australian dollars as that is something you can personally work with and force conversion rates through bitcoins (there are now several people who are exchanging bitcoins for U.S. dollars and other currencies).  If you want to get more complicated over time, that is something separate you can work with after you have something basic going.  It may be easier to simply stay simple and let others get involved with more complex transactions.  If you do engage with foreign currencies, make sure you charge a healthy premium for the service.

Since you will be dealing with real banks and real currencies, get some advise from some professionals whose job it is to deal with this stuff.  Going to a local bank and talking with a bank manager might be a good idea, or at least somebody other than just a teller.  Don't worry about giving away everything, as this is going to be speculative on your part and it will be something the bank won't get involved with right away (given the nature of bitcoins at the moment).  Hopefully what you are offering is the technical expertise and the willingness to invest your own capital into this project.... two things that can really smooth the way.  It would also be in the interest of the bank to get involved with you as it has the very real potential of increasing their business substantially.

Most of the questions you are asking can be answered by that banker including the legal issues and even many of the pricing and marketing issues.  They may even recommend some ideas you haven't thought about.  Make sure that you set up an appointment ahead of time, or engage in a very brief (one minute or so) conversation hinting that it may take you awhile to explain the full concept and would like to explain the details at a later time.  Seriously, this is a money making idea and something unique enough that it will get some heads to turn if you offer it.  Talking about the global nature of Bitcoins and that there are people with U.S. Dollars and Euros willing to get in on this may really get that banker thinking about some possibilities.

The largest problem you will be facing is in terms of what you are going to do with all of the bitcoins you may be receiving.  Finding somebody willing to trade you AUDs for bitcoins would be the final circle that could help you out, or simply setting up an exchange like you suggested where you could take payment (with fees put into the schedule) to ship bitcoins to somebody.

Also, plan ahead for now in terms of what kind of capital you are willing to invest into this project, both in terms of computer systems for the website/interface to your project and for how much money you want to invest into the card program itself.  Only you can make that determination, but also plan for the possibility that it may take much more cash than you originally anticipated.  Make a clear business plan (even if this is just going to be a hobby) and above all at least plan to be profitable (or at least not losing money personally) in as short of a time frame as possible.  It doesn't have to cost a whole lot to get this going, and one really nice thing about this kind of business is that the capital requirements also don't have to be earned all at once.

1FLK3uUT3Vup5JtkGJVXKHAoS3AZWPcKdv
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!